Miss on a small quarter

Green Landscaping Group (Buy, TP: SEK95.00) - Q1e a slow burn; expect solid 2025

We expect the seasonally low Q1 to have been tough, with continued adverse weather trends (little snowfall). Although we believe Q1 is unlikely to be the turning point for the margin in Sweden, we remain confident in management’s ability to turn this around from Q2. We continue to like the case, with no direct tariff exposure, a high share of public customers, and a multi-year M&A runway in Germany. We reiterate our BUY, but have lowered our target price to SEK95 (99).

The weekly navigator

From the past week, we highlight: 1) we lowered our target price in Investor to SEK320 following a 9% write-down of Patricia Industries in its Q1 report; 2) we reduced our target price in Kinnevik to SEK100 to reflect macroeconomic headwinds, but remain positive ahead of Cristina Stenbeck’s return as chair; 3) we cut our VEF target price to SEK2.5 on FX movements and see re-rating potential from e.g. ongoing buybacks; and 4) we lowered our target price in Flerie to SEK57 given worsening funding conditions for biotech assets.

Huhtamaki (Buy, TP: EUR42.00) - Q1 mixed elements

The Q1 results broadly met headline expectations. While underlying North American earnings declined sharply, solid cost actions helped offset the impact at the group level, a trend we expect to continue to support earnings resilience in 2025. We reiterate our BUY and EUR42 target price on minor 2025–2027 estimate changes, and continue to find the NTM EV/EBIT of c11.0x attractive (25% below its historical average).